Compared with non-Muslims, self-identified Muslims are significantly less likely to own a formal account or save at a formal financial institution, after controlling for other individual and country characteristics, according to recent research using ...
Vea más +Compared with non-Muslims, self-identified Muslims are significantly less likely to own a formal account or save at a formal financial institution, after controlling for other individual and country characteristics, according to recent research using Global Findex data. But the authors find no evidence that Muslims are less likely to borrow formally or informally. Data from an additional survey of adults in five North African and Middle Eastern countries with relatively nascent Islamic finance industries shows very little use of Sharia-compliant banking products, though there is evidence of a hypothetical preference for Sharia-compliant products among a plurality of respondents despite higher costs. The Global Findex database and related research can help Islamic finance industry leaders expand their outreach to Muslim clients, and help policymakers more clearly define their role in expanding financial inclusion, Islamic or otherwise, to Muslim adults.
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